Warren Buffett：Berkshire 2022 Letter, Excerpt 4

Controlled businesses are a different breed. They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations. Unless under duress, the owner of a controlled business gives no thought to selling at a panic-type valuation.

Source： https://www.berkshirehathaway.com/letters/2022ltr.pdf
Locator：2022 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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